The manager of the System Open Market Account (SOMA) discussed U.S. and global financial developments. In global markets, strains in emerging market economies (EMEs) contributed to volatility in currency and equity markets over the period. In addition, concerns about trade tensions between the United States and China were the focus of a great deal of attention among market participants. Such concerns led the Shanghai Composite index to drop as much as 8 percent at one point over the intermeeting period before recovering somewhat. The renminbi, however, was relatively stable, reportedly in part because investors ... (full story)

Federal Reserve officials remain convinced that continuing to gradually increase interest rates is the best formula to preserve a steady economy, according to minutes released Wednesday of the central bank's most recent policy meetings. That may not please President Donald Trump, who has been vocal in his criticism of the central bank's actions. A summary of the Sept. 25-26 Federal Open Market Committee session reflected both confidence in the rate of growth and some hesitancy over the impact that tariffs might have on the future path. Ultimately, the committee unanimously voted to approve a quarter-point hike to its ... (full story)